Cyber-attacks: An Underestimated Risk Without Borders
Difficult to estimate costs
Although the market is not yet mature, insurance solutions for “cyber” risks have appeared in the United States and are gaining ground in Europe. Insurers still have difficulty quantifying these risks due to the lack of an audit trail of incidents, the rapid progression of the type and number of cyber-attacks, as well as related financial challenges.
A hacking method in which an imitation email or the website of a trusted institution (banks, administrations) are used to trick users and elicit sensitive information (e.g. passwords).
A denial of service (DoS) is when a computer system is shut down.
Cloud computing is an infrastructure in which computing power and storage are managed by remote servers to which users connect via a secure internet connection.
Advanced Persistant Threat (APT)
An APT (Advanced Persistent Threat) attack is an attempt to plant spyware on a computing device, remaining unnoticed for the longest possible period.
Limited guarantees in traditional contracts
A strategic and human problem
Cybercrime in numbers
The cost of damages caused to companies by cyber-crime in Switzerland in 2014, in millions of Swiss francs, according to the auditing firm KPMG.
The increase in the number of reported security incidents worldwide in 2014, rising to 42.8 million, the equivalent of an average of 117,339 attacks per day, according to the auditing firm PricewaterhouseCoopers.
The estimated reported average financial loss from cyber-security incidents worldwide in 2014, a 34% increase over a one-year period, according to PricewaterhouseCoopers.
The increase in the number of data breaches in 2013 over a one-year period, according to the European Network and Information Security Agency (ENISA).
The average time taken to detect an advanced and targeted cyber-attack (APT), in days, according to cyber-security company FireEye.